Purple Style Labs (PSL) a Mumbai-based premium fashion house, has acquired Pernia’s Pop-Up Shop (PPUS), a multi-brand ecommerce website which houses over 500 of India’s pre-eminent designer brands. With this acquisition, PSL aims at building a comprehensive omni-channel fashion platform, focused on meeting the fashion needs of Indians across the world.
Over the last one year, PSL has also expanded into nine offline multi-designer stores called ‘Pernia’s Pop-Up Studio’ and ‘The Stylist’ in Mumbai, Delhi, Bengaluru, and Kolkata. As a result, PSL has been able to achieve more year-over-year growth, driven equally by like-for-like growth as well as strategic brand acquisitions. Post the acquisition, Pernia Qureshi has stepped down as the creative head of the platform and all of Pernia’s Pop-Up related IP and business are to be completely owned and managed by PSL, according to a media statement by PSL.
In addition, PSL has begun acquiring equity stakes in India’s leading fashion brands, driving exclusive product through its omni-channel platform. It has recently invested in House of Masaba, one of the highest selling brands on its platform.
PSL plans to open ten international stores and 20 domestic stores in the next 24 months. The company expects to achieve an annual revenue run-rate of $40m+ across all channels including online, offline, and events in the next 24 months.
“The Indian fashion industry is now being recognised globally. When we started PSL in 2015, the vision was to create a platform for Indian fashion, which is currently highly fragmented across designers. We aim to aggregate this fragmented supply, curate an assortment which enables discovery of high-quality products, channelise demand creatively, and permanently solve the critical pain-points associated with the industry. We are also looking to invest in early stage Indian designer brands as a part of a long-term strategy to significantly augment supply, distribution, inventory and reach,” Abhishek Agarwal, founder of PSL said. (GK)
Fibre2Fashion News Desk – India